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Need professional advice for your consent to let with Hodge Life? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Questions and Answers: Hodge Life consent to let
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Hodge Life have just granted me consent to let. After some effort, Hodge Life have issued me with ‘consent to let’ confirmation . There is reference to an assured shorthold tenancy. What is that?
- Due to redundancy my wife and I are looking to move away from Wandsworth and our home, potentially to a job in Copenhagen but that means we will want to let the property but don't want the penalty charge of existing Hodge Life mortgage which will be exorbitant.What are acceptable reasons for obtaining consent to let on our property?
- How easy is it to switch a standard mortgage with Hodge Life to a consent to let. It will be less than 55% loan to value and it would change from capital and interest repayment to interest only?
- I rented my house out for three years between 2009-2012 while employed Amsterdam. I have a letter dated May 2010 from my mortgage company granting consent to let. In the letter it clearly states that the consent to let is valid for "the remaining term of the mortgage". I have not remortgaged since the letter was issued. I now plan to move house and rent out my existing house. However, my IFA has suggested that the 2010 consent to let letter may not be acceptable to the new lender Hodge Life for the house I wish to buy.Can this be right
- My existing mortgage is with Hodge Life, but I am going to need to get consent to let for about 12 months as my partner is unwell and is struggling to balance work with the hectic environment we are living in. We want to take a break for twelve months (by living near her mother and stepfather and having their help) in a greener more relaxed suburb of London.
- My fiance and I have a mortgage with Hodge Life and would be thinking about buying another main residence and then subsequently leasing our current home out. Would I require consent to let from Hodge Life?
- I am fixing my homeowner mortgage with Hodge Life but as a result of my job I might have to go abroad for few years. Will Hodge Life allow and give consent to let and will any penalties be applied in such a situation
- My wife and I may have to lease our home temporarily due to a new job. This will be for a limited period but no more than twoyears. Should I tell Hodge Life or am I best advised to keep quiet?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above Hodge Life consent to let Info
Tax and Legal
There may be various tax and legal (from restrictions on title, lease prohibitions to planning issues) implications when letting out your property. You should always seek the advice of a solicitor and accountant before letting out your property.
Insurance
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them may trigger your insurance becoming invalid. As a minimum you should ensure that you are covered for any third party liability in respect of injuries to your tenant whilst at your property
Leasehold properties
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Hodge Life